Common use of Effect Upon Termination Clause in Contracts

Effect Upon Termination. Upon expiration or termination of this Agreement, the following shall be applicable and effective: 16.1. COMPANY shall deliver to NAIST the INFORMATION and all copies, transcriptions and reproductions thereof, except one copy which COMPANY may retain for the purpose of determining its obligations under this Agreement. 16.2. In the event that COMPANY possesses any quantity of the MATERIAL and the DERIVATIVE upon completion of the RESEARCH or upon termination of this Agreement, COMPANY shall deliver all of such quantity of the MATERIAL and the DERIVATE to NAIST within seven (7) days after such completion or termination. NAIST shall not be obligated to pay any amount to COMPANY for any quantity of the MATERIAL and the DERIVATIVE so delivered to NAIST. However, if there is any remaining quantity of the DERIVATIVE of the Parties’ joint ownership, the Parties shall consult with each other and determine the treatment or disposal of such quantity of the DERIVATIVE.

Effect Upon Termination. Upon expiration or termination of this Agreement, the following shall be applicable and effective: 16.117.1. COMPANY shall deliver to NAIST the INFORMATION and all copies, transcriptions and reproductions thereof, except one copy which COMPANY may retain for the purpose of determining its obligations under this Agreement. 16.217.2. In the event that COMPANY possesses any quantity of the MATERIAL and the DERIVATIVE upon completion of the RESEARCH or upon termination of this Agreement, COMPANY shall deliver all of such quantity of the MATERIAL and the DERIVATE to NAIST within seven (7) days after such completion or termination. NAIST shall not be obligated to pay any amount to COMPANY for any quantity of the MATERIAL and the DERIVATIVE so delivered to NAIST. However, if there is any remaining quantity of the DERIVATIVE of the Parties’ joint ownership, the Parties shall consult with each other and determine the treatment or disposal of such quantity of the DERIVATIVE.